Resistance approaching

[Zangelbert Bingledack]

It could touch down to 50, which is where the exponential support line is. Par for the course.

Actually, this.

[afbitcoins]

Bounce off the mid trendline. Which is one of the possibilities I described I might add.

 

[Zangelbert Bingledack]

You called this pretty well from the start. Just one thing: why aren't you using a log chart? Oh nevermind, you are.

[Zangelbert Bingledack]

You know what the beauty of this analysis is? Even though MtGox arguably precipitated this selloff, which was unpredictable, it really doesn't matter what triggered it. All that matters is once it broke out of the channel it was "cruisin' for a bruisin'" and any old thing would have soon smacked it back into line, but plenty of bulls stood ready to buy,  and in greater and greater quantities as it fell into the heart of the channel again.

Now we're back to a plain old vanilla exponential meteoric rise. Oh drat, we may have to wait another two months to hit $200, and until July to hit $400. It's tough being a Bitcoin bull

[BitcoinTip]

Credit where credit is due, you got this one.

+respect

[yeemartin]

Credit where credit is due, you got this one.

+respect

LOL.. bubble burst.

[therustytrombone]

nice call

[BitPirate]

Nice call, but it looks like the event was caused by an attempted "attack" selloff combined with a DDoS of the exchanges -- they may have timed it well as we were nearing the top of the "channel"... but ultimately it was not something that was or could have been predicted by charts.

[afbitcoins]

Nice call, but it looks like the event was caused by an attempted "attack" selloff combined with a DDoS of the exchanges -- they may have timed it well as we were nearing the top of the "channel"... but ultimately it was not something that was or could have been predicted by charts.

Perhaps but its amazing how often these events fit within the larger trends though.

[afbitcoins]

Thanks for the nice call comments 

[Zangelbert Bingledack]

It's not a coincidence, really. Had Bitcoin been oversold when the Gox DDoS happened, it would have fallen way less. Conversely, when it breaks out above exponential, any minor issue becomes an excuse for a knife-down. If it weren't Gox it would've just been some other minor thing.

Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.

[afbitcoins]

It's not a coincidence, really. Had Bitcoin been oversold when the Gox DDoS happened, it would have fallen way less. Conversely, when it breaks out above exponential, any minor issue becomes an excuse for a knife-down. If it weren't Gox it would've just been some other minor thing.

Basically riding high (on or above the channel) is cruising for a bruising, and riding low is coiling the spring to be set off by any old good-news excuse.

 Think you're right a coiled or stretched spring is a good analogy, the pressure is there to move up or down, all thats needed is the spark to provoke it.

Love your username btw! hehe

[Zangelbert Bingledack]

It's my real name